For Nevada parents thinking about estate planning, one of the main concerns is how a family will be cared for after the parents have passed on. Most Americans are concerned with saving for retirement and making sure that their children are secure, but how does this work for families that are considering a special needs trust? Setting up a special needs trust is extremely important for families who have disabled children, and it is vital to take all of the necessary legal steps.
When setting aside money for the care and maintenance of a special needs child, a trust is generally the best route. Nevada parents of special needs children may also wish to legally appoint an advocate for the child. This would be someone who will represent the best interests of the child, both financially and practically.
In some cases, parents will divide the responsibilities among several people. This would allow for various individuals to have a say in the care of the child. The advocate could be separate from the trustee, and the parents could decide if other professionals or family members would have a role in the long-term care of the child after their death or as they age.
The details of a special needs trust, as well as a care plan for a special needs child, should be carefully outlined in a plan that is legally binding. By determining the best situation for the child and taking the necessary legal steps, parents can rest assured that their children will be cared for and protected through a special needs trust. Over the course of a lifetime, the beneficiary will benefit from both the financial support and the careful planning of his or her parents.
Source: rapidcityjournal.com, “Create a trust for a special needs child“, Rick Kahler, May 4, 2014